According to Internet reports, according to Jin Shi, the Federal Reserve recently announced that Michael Horowitz will serve as the new inspector general of the Federal Reserve. Horowitz replaces Mark Bialek, who has held the position since 2011 and retired in April this year. As Inspector General of the Federal Reserve, he is also responsible for independent oversight of the Consumer Financial Protection Bureau (CFPB). His previous position was Inspector General (IG) of the Ministry of Justice. The Fed's inspector general is chosen by the chairman, which is unusual among government regulators. Some senators believe that this arrangement prevents the inspector general from truly overseeing the Federal Reserve, and they have introduced legislation that would require the president to select the inspector general and then confirm it by the Senate. After the Fed's insider trading scandal, the Federal Reserve's Inspector General has become the focus of public attention. The agency is responsible for judging whether the trading behavior of some Fed officials is ethical.